Dogecoin soars on stock market and gains 2.5 billion thanks to Elon Musk

Dogecoin flies on the stock market and gains 30 percent thanks to Elon Musk's decision to temporarily replace Twitter's web icon with the icon of Dogecoin, the cryptocurrency he has long supported.

Dogecoin flies on the stock market and gains 30 percent thanks to Elon Musk’s decision to temporarily replace the Twitter web icon with the icon of Dogecoin, the cryptocurrency he has long supported.

What is Dogecoin

Dogecoin is one of the many cryptocurrencies on the market, a favorite of Elon Musk, who has long supported the cryptocurrency. And who, on several occasions, has been an advocate for its sharp rise in value through his most surreal decisions.

Dogecoin is a highly unstable and low-value cryptocurrency, classified as “memecoin” at least for the time being, which has as its logo the image of a Shiba Inu, a Japanese-bred dog.

All about DogeTwitter

On the morning of Tuesday, April 4 2023, Elon Musk, owner and CEO of Twitter, decided to temporarily replace Twitter’s logo, the iconic blue bird, with the image of a Shiba Inu, a Japanese-bred dog that is also the iconic symbol of the cryptocurrency Dogecoin.

This move, according to some, is the concretization of a series of joking promises made by Musk about a year ago.

When Musk first began taking steps to purchase Twitter, it seems that on the social network, some users suggested to the entrepreneur not only to buy Twitter, but also to replace the logo with a dog.

And when this morning Elon Musk replaced the blue bird, and at the same time, tweeting “as promised” many felt he was referring to those promises made about a year ago.

Beyond the games and provocations, Elon Musk’s move, as is very often the case, had direct effects on the cryptocurrency market, particularly on Dogecoin. Which, gained more than 30 percent from an average value of about €0.07 to about €0.10.

Thus bringing Dogecoin’s overall market share to increase by more than €2.5 billion in a few hours, reaching a value of more than €10 billion.

The relationship between Elon Musk and Dogecoin

Elon musk has repeatedly spoken out in favor of Dogecoin. Thus supporting the cryptocurrency in various ways, from the purchase of large amounts of Dogecoin, to more or less direct moves made via social with ironic statements and posts.

Such as that time when the Twitter-owning tycoon posted pictures on his own social network depicting his own dog at his desk, introducing him as the new CEO of Twitter.

That post quickly sent Dogecoin’s value soaring, but nothing compared to the latest move that has resulted in Dogecoin gaining more than 30 percent in just a few hours, a rise that parallels previous ones and has been sharply criticized by Elon Musk’s detractors.

According to critics of Musk and Dogecoin, the entrepreneur’s moves have allowed Dogecoin’s value to increase by more than 36,000% in about 2 years.

Musk himself does not deny taking positions in support of Dogecoin. And, his lawyers have made it clear that there is nothing illegal about tweeting supportive words or funny pictures about a legitimate cryptocurrency that continues to have a market capitalization of more than $10 billion.

Read also: What are the real plans of Elon Musk with Twitter after buying it for $44 billion?

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